Depreciation—all of us who’s ever owned a car knows full well what this word means. We’re all familiar with the experience of having our cars lose their value over time due to normal wear and tear. It’s a fact of life that there’s no way we can prevent our vehicles from depreciating—the moment we take them out of the car lot, they’ve already lost about 11 percent of their value, according to experts. Why don’t you boost your car’s value now?
Depreciation will not matter so much if you plan on driving your car for a long time; but if you plan on reselling or trading it in later, you might want to think about boosting your car’s value so you can at least get a relatively good price for it and make it look as appealing as possible to potential buyers. Here are some tips you can follow to boost your car’s value over time.
1. Keep a regular cleaning schedule
The cliche is true: “First impressions matter.” In relation to your car, the cleaner and shinier it is, the more money you’ll be able to get in exchange for it. The better your vehicle looks when you present it to the dealer, the higher your chances of selling it off.
Routine maintenance is different for every car, but keep in mind that the more you take out your car on the roads, the more maintenance it’ll require. Make sure to schedule oil and filter changes every 3,000 to 7,000 of mileage so as to keep your engine well-lubricated and functioning properly.
You will also need to look into car detailing services; it will get rid of any unfortunate stains and weird smells and keep your vehicle looking brand new, or at least as close to it as possible.
2. Do some minor repairs to boost your car’s value
When a car dealer looks at your vehicle, he will focus on any signs of damage and estimate how much it’s going to cost them to get them repaired. They will then deduct the estimate from the total value they were going to pay in the first place. If you want to avoid this kind of scenario, it’s best that you learn to do the minor repairs yourself or hire a professional mechanic to fix any major damage you can’t handle on your own. The small amount you’ll have to shell out will prove worth it once you take it to a dealer to resell or trade it.
3. Do the necessary paperwork
Typically, potential buyers and dealers will also look into the paperwork of a vehicle they’re seriously considering buying. Paperwork in this case refers to invoices for any service work that’s been carried out on the vehicle in the past. This could also include the car warranty you’ve taken out on the vehicle. Having such documents in hand will prove that you’ve properly maintained your car and will give you the bargaining power you need to ask the price you want for it.
Tips on Boosting Your Car’s Value – Conclusion
Even if you don’t end up reselling your car in the future, doing all the above will ensure that your vehicle stays in a good condition for a long time. This means that you get to drive your vehicle for as long as you want; thus, you avoid having to unnecessarily spend a ton of money on buying a new one.